Merritt Company Acquired a Building Valued at $190,000 for Property

question 114

Multiple Choice

Merritt Company acquired a building valued at $190,000 for property tax purposes in exchange for 12,000 shares of its $5 par common stock. The stock is widely traded and selling for $15 per share. At what amount should the building be recorded by Merritt Company?

• A) $60,000
• B) $180,000
• C) $190,000
• D) $10,000

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